Partnership Buys 213 KSF Dallas Industrial Asset
- Jul 25, 2018
A joint venture of Corinth Land Co. and Prattco Creekway Industrial has acquired a 213,481-square-foot business park in Dallas. Veritex Community Bank of Dallas funded the transaction, along with Corinth Land affiliate Western Production Co., which also provided equity for the purchase of Northgate Business Park. The deal represents the partnership’s fourth and largest acquisition.
The property is situated at the intersection of Miller Road and Interstate 635. Trammell Crow Co. developed the four-building property in 1980. The location enables tenants to access major thoroughfares. Interstate 635 is less than a mile away, while state routes 75 and 78 are approximately 6 miles from Northgate Business Park. The industrial asset features 30 by 42-foot column spacing, ceiling clear heights ranging from 16 to 20 feet, sky lights, insulated ceilings and HVAC. The buildings are currently 100 percent occupied by 11 tenants.
“This acquisition is now the cornerstone of our portfolio, given its significance in the North Texas industrial real estate market. The North Dallas/Garland submarket is established, strong and stable,” said Paun Peters, Corinth Land Co. president & founder, in a prepared statement.
Image courtesy of Epic Foto Group